In an ideal world, you wouldn’t need to borrow money. You’d always have enough to pay your bills and you’d have no problems putting away 10% of your take-home salary for retirement.

But in the real world, there are people who have urgent financial needs. And they have no choice but to borrow money from family or friends or to get a loan.

Now, if you find yourself in such a situation, you might be considering taking out a payday loan. But are there any good payday loan companies?

You may have read that some online lenders aren’t legit. And it’s only logical that you would want to be careful when choosing a payday loan company.

• BONSAI FINANCE

  Our take:Online marketplace to find you a personal loan offer that matches your needsAPPLY NOWCredit ScoreLoan Size/AmountLoan TermAPROrigination FeeAll can apply$100 – $15,0001 – 604.99% – 1,386%Varies by lender

To help you out, here are 3 tips to keep in mind when shopping for a legitimate lender.

1. Know How to Spot Red Flags

When looking for good online payday loans, you need to put your sleuthing hat on. If a lender can only be contacted through online means or has an unsecured site, you’re better off avoiding it.

Not disclosing the APR, as well as not checking your payment history are also red flags. Remember, reputable lenders have to look at your credit because they need to know if you’re capable of repaying your loan.

If a company isn’t that interested in your credit history, there’s a good chance it’s targeting borrowers who are likely to default on payments. Of course, this gives them an excuse to charge such borrowers with high late fees and penalties.

2. Ask, “Are There Any Good Payday Loan Companies in My State?”

In Georgia, for example, payday lending isn’t legal. So you have to check first if payday loans are allowed where you live.

If it’s legal in your state, your next step is to check if the lender you’re considering is registered.

• BONSAI FINANCE

  Our take:Online marketplace to find you a personal loan offer that matches your needsAPPLY NOWCredit ScoreLoan Size/AmountLoan TermAPROrigination FeeAll can apply$100 – $15,0001 – 604.99% – 1,386%Varies by lender

Tip: You’ll find this information on the lender’s website. Now, if you can’t seem to find it, you should contact your state attorney general’s office to help you verify if a lender is state-registered or not.

3. Skip Lenders Who Aren’t Upfront About Their Fees and Charges

The best payday loan lender doesn’t have anything to hide. Whether you contact them online or through the phone, their customer service team would be willing to answer any of your questions, especially if it’s about their fees and charges.

All this information will also be on their website. If a lender’s site seems cobbled together and you can’t find reviews online, those are signs you need to look for another lending company.

Need More Tips on How to Find the Best Payday Loan Company?

So, are there any good payday loan companies?

Sure. You could even say there are great lenders out there that are willing to help borrowers like you get quick access to cash.

If you follow the tips listed here, you can avoid scammers and secure a payday loan that will help you out of your financial jam.

For more advice on payday loans, don’t forget to check out the steps you need to get a payday loan and common questions asked about payday loans.